LoTradeCoin Wealth Hub

A Tennessee judge on Wednesday blocked the auction of Graceland, the former home of Elvis Presley, by a company that claimed his estate failed to repay a loan that used the property as collateral.

Shelby County Chancellor JoeDae Jenkins issued a temporary injunction against the proposed auction that had been scheduled for Thursday this week.

"The court will enjoin the sale as requested because, one, the real estate is considered unique under Tennessee law. And in being unique, the loss of the real estate would be considered irreparable harm," Jenkins said, according to CBS affiliate WREG-TV.

Jenkins' injunction essentially keeps in place a previous ruling that he had issued after Presley's granddaughter Riley Keough filed a lawsuit to fight off what she said was a fraudulent scheme.

"As the court has now made clear, there was no validity to the claims. There will be no foreclosure. Graceland will continue to operate as it has for the past 42 years, ensuring that Elvis fans from around the world can continue to have a best in class experience when visiting his iconic home," a spokesperson for Elvis Presley Enterprises Inc. said Wednesday.

A public notice for a foreclosure sale of the 13-acre estate in Memphis posted earlier in May said Promenade Trust, which controls the Graceland museum, owes $3.8 million after failing to repay a 2018 loan. Keough, an actor, inherited the trust and ownership of the home after the death of her mother, Lisa Marie Presley, last year.

Naussany Investments and Private Lending said Lisa Marie Presley had used Graceland as collateral for the loan, according to the foreclosure sale notice. Keough, on behalf of the Promenade Trust, alleged in her lawsuit that Naussany presented fraudulent documents regarding the loan in September 2023.

Neither Keough nor lawyers for Naussany Investments were in court Wednesday.

Keough, who starred in last year's hit show "Daisy Jones and the Six," is the heir to the estate.

In a lawsuit, Keough claims Naussany Investments "appears to be a false entity created for the purpose" of defrauding her family. The lawsuit also says Keough's mother "never borrowed money" from the company, or gave them a deed of trust to Graceland, and further alleges that documents claiming otherwise "are forgeries."

Elvis bought Graceland in 1957, at the age of 22, for $102,500. At the time he purchased it, the mansion was 10,266 square feet, and Elvis also bought 13.8 acres of the farm around the house. The mansion has since been expanded to 17,552 square feet.

Graceland, where Elvis died in 1977, was named to the American National Register of Historic Places in 1991. Over 600,000 people visit Graceland — named after Grace, an aunt of one of the original owners — each year.

In:
• Graceland
• Elvis Presley